The NFP and the U.S economy in general have a huge effect on global markets from currencies, indices and commodities.
Usually the affect on all asset types doesn’t reach them at the same time and binary traders can use correlation tactics one at a time in order to diversify their trading portfolio.
The domino effect started after Friday’s NFP with a dollar selloff that converted to a market rise and now commodities.
Gold and oil are huge players in the market today. Gold has reached our medium term target of $1153-$1155 an ounce. The next upside target for gold is $1170 and it’s on an Ascending Technical Flag.
Oil is pushing toward $50 a barrel and is trading just below at $49.5 a barrel. Few reasons pushing Oil higher in the short term although long term positions are still on the down side.
Russia air strikes in Syria can push global supply lower is one reason Oil is rising and second reason is the weaker dollar following last NFP.
Oil inventories published today at 14:30 gmt-